Nine physician billionaires made Forbes' 37th annual list of the world's richest people in 2023 and are varying degrees of self-made.
Below is the list of U.S. physician billionaires and how they made their fortunes.
Thomas Frist Jr., MD, and family
Net worth in 2023: $20.2 billion
Dr. Frist is a former U.S. Air Force flight surgeon. He founded Nashville, Tenn.-based HCA Healthcare with his father in 1968. Today, he owns more than 20 percent of the company. While he does not have an executive position at HCA, his sons are board members.
He scored a 7 out of 10 on Forbes' 400 Self-Made Score, meaning he is largely self-made but got a head start from wealthy parents.
Patrick Soon-Shiong, MD
Net worth in 2023: $5.8 billion
Dr. Soon-Shiong invented the cancer drug Abraxane and sold his drug companies Abraxis and American Pharmaceutical Partners for a combined $9.1 billion. His all-time highest net worth was $12.2 billion in 2015.
He graduated high school at 16 and earned his medical degree at 23. His self-made score is a 9 out of 10, meaning he came from a working-class background and rose from little to nothing.
Leonard Schleifer, MD, PhD
Net worth in 2023: $2.6 billion
Dr. Schleifer co-founded biotechnology company Regeneron Pharmaceuticals in 1988 and remains CEO of the Tarrytown, N.Y.-based company. He took Regeneron public in 1991 and owns 4 percent of the company stock.
His self-made score is 8 out of 10, meaning he's a self-made entrepreneur who came from a middle-class or upper middle-class background.
Phillip Frost, MD
Net worth in 2023: $1.8 billion
Dr. Frost joined Key Pharmaceuticals in 1972 and sold the company 14 years later for $836 million. He founded drugmaker Ivax in 1987 and sold it in 2005 for $7.6 billion.
He was born during the Great Depression to a shoe store owner. His middle-class background gave him a self-made score of 8 out of 10.
Gary Michelson, MD
Net worth in 2023: $1.8 billion
Dr. Michelson is a retired orthopedic and spine surgeon with more than 340 patents for surgical instruments. He became a billionaire in 2005 after he reached a $1.35 billion settlement with Medtronic.
He stopped practicing in 2001 and focused on being an inventor. He invented Michelson Technology, a portfolio of devices and procedures that reduce blood loss, pain, disability and recovery time. Forbes gave him a 9 out of 10 self-made score.
Keith Dunleavy, MD, and family
Net worth in 2023: $1.7 billion
Dr. Dunleavy founded cloud-based healthcare data company Inovalon and retains a 64 percent ownership stake in the company. Inovalon pulled $667.5 million in revenue in 2020. He came up with the idea for Inovalon in 1998 while doing his medical residency at Johns Hopkins University.
He was not given a Forbes self-made score, though the publication listed "self-made" as a source of wealth.
James Leininger, MD
Net worth in 2023: $1.7 billion
Dr. Leininger founded wound care device company Kinetic Concepts in a one-bedroom apartment in 1976, and in November 2012 it was acquired for $6.3 billion. Dr. Leininger was the largest shareholder. His Medcare Investment Funds manages $1 billion in assets.
He was not given a Forbes self-made score, though the publication listed "self-made" as a source of wealth.
August Troendle, MD
Net worth in 2023: $1.6 billion
Dr. Troendle founded clinical research company Medpace in 1992. Today, he is CEO and he owns a 23 percent stake. He also spent five years as a director of the pharmaceutical company now known as Novartis and briefly worked as a medical review officer with the FDA's division of metabolic and endocrine drug products.
He was not given a Forbes self-made score, though the publication listed "self-made" as a source of wealth.
George Yancopoulos, MD, PhD
Net worth in 2023: $1.6 billion
Dr. Yancopoulos is the president, chief scientific officer and co-founder of Regeneron. He led the invention of seven approved drugs and a drug invention technology platform.
He was not given a Forbes self-made score, though the publication listed "self-made" as a source of wealth.